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Earn More Money in Your Small Business by Creating a PIG If you really want to earn more money with your small business than you need to strongly consider adding a P.I.G. Obviously, I am not referring to the questionably adorable pot bellied pig that many fine people have adopted for a pet. The concept of adding a Passive Income Generator to your business should be a top priority if you want long term income. How to Successfully Avoid Becoming One of The 80% of Small Businesses That Will FAIL It's a commonly quoted statistic: 80% of all small businesses will fail within the first five years of running. In fact, in Internet marketing, this figure can be as high as 95%. Yes, it's a commonly quoted statistic but for some reason, people are not very good at saying exactly why this happens. And it happens to what seems like nearly all newborn businesses. Direct Mail - For Small Businesses We hear a lot of talk about junk mail nowadays. Many people will tell you that they dump it straight in the trash. But why do you think so many organisations send out so called junk mail - because it works! Small Business - Is The Accounting Profession Ripping Them Off? My 16 year-old daughter said, "Gee Dad! You look just like an accountant" And she wasn't being complimentary. Accountants are perceived to be boring, stodgy and conservative. Over the years we've been the butt of many jokes. I've heard them all. Why did the accountant cross the road? Because he looked up the file and that's what they did last year! Ha Ha! What do accountants use as a contraceptive? Their personality! Ha Ha!" Why do accountants become accountants? They don't have the charisma to be undertakers! Ha Ha! What do they call an accountant at the bottom of the sea? A bloody good start! Ha Ha! I think I am the exception. That's why I've begun to call myself a business strategist and counselor. "You're still an accountant," says teenage daughter. I am still an accountant and I'm still as passionate about it as the day I started. Because accountants have an impact on people's lives. The advice we give changes people's businesses which in turn changes their lives. I'm excited in my role of accountant. Accounting is not stodgy. Accounting is exciting. Accounting is cool! My ambition is to become the "cool dude of accounting". (do they still say "dude", do they still say "cool". Remember that song: When I say, "cool, man, cool, I don't mean cool, man, cool, I mean you leave me cold, Jack") We were throwing some ideas around with some of our clients as we do from time to time, looking for that unique benefit that our firm gives to our clients. That unique something that distinguishes us from other accounting practices. One said, "You have helped me to improve my business. Not only am I making more profits and have more to spend, but I also have more time to spend away from the business. The more time I spend at home with my family the happier my life is. And the happier I am the happier my wife and children seem to be. When my wife is happy all sorts of good things happen ? even our sex life improves. That's it! You can advertise that using Kelvyn Peters CPA and Associates improves your sex life" I don't think so! Sorry, we haven't accepted his idea. You're completely on your own in that department, but we can help you improve your business and consequently your life. And your goal might not be extra profit but extra time for living! We know we can because we are doing it for others. We repeat ourselves so often because the truth is the truth and there is only a limited number of ways to tell it. You've heard this before. If you are spending every waking moment in a hassle about your business, there must be a better way. There is! Accountants have been ripping off their clients for years In 1973 I attended a workshop for accountants at the Finance Management Research Center then headed by Dr Keith Cleland. The workshop was intended to drag participants into the 20th century. "Accountants have been ripping off their clients for years", he told us. The 25 participants were shocked. These represented vibrant accounting firms from all around Australia, both large firms and small. They were at the cutting edge of the industry. Otherwise they would not have been at this kind of workshop. To a person they resented that comment and one fellow wanted to punch him on the nose. (It wasn't me, but I would have held his coat). By the week's end we discovered how we were charging high fees for things that our clients couldn't understand, couldn't use and didn't need. At the same time we were neglecting the information that they did need to increase their profits and safeguard their businesses. 20 Years Later what's Changed? I attended a week long seminar hosted by CPA Australia in 1993 which was to train us in "client based accounting". Dr Cleland presented the initial module. He did not openly criticize accountants this time, after all, it was the CPA's hosting it, but he gave almost the same speech (same jokes, too) as he had 20 years before. "These things aren't taught in Universities", he said, "so the accounting profession has mostly ignored them. They have let small business down but things are changing". Know-it-all, Kelvyn Peters had to jump to his feet and say that the doctor had said exactly the same thing 20 years ago. Where were the signs of change? Universities were still not teaching accountants how to help their clients. "This seminar with CPA Australia and the suggestion they might make client based accounting a speciality is a good sign", he replied. 10 Years Later? Nothing has changed. Our hopes have withered on the vine and small business must look elsewhere for help. Recently I was called in to assist an ailing restaurant. We were happy to work with their existing accountant. We'd rather do the fun stuff and let the accountant do the boring tax returns and compliance work. In this case the client insisted we take over the whole of the accounting function. The accountant was most unhappy. "They are difficult clients", he said, "I have kept the fee lower than it should be and I have done extra to help them". Indeed, he had! The financial statements were beautiful to behold with colored graphs and key ratios compared against industry average. (most accountants still don't do that. I had advised that both wages costs and cost of foodstuffs were too high. Our focus was to form tactics to reduce them. "But I had already told them that", said the Accountant, "what do they need you for?' I told him that the client knew the kitchen wages were too high and what he wanted was for someone to show them how to reduce the wages in the kitchen. "I can't do that", he said, "I'm an accountant". I would have to camp down there in the restaurant to see what's going on. And they wouldn't pay the fee". Yes they would. They were going to pay me. Most accountants see their role as being the provider of financial statements, cash-flow projections and tax returns, and there's the rub. Each of these is a tool not an end in itself. It's like giving the client a hammer and saw and telling him to go build a house. He needs more than the tools, he needs to be shown how to use them. Of course the client will complain about fees whatever the level if all he receives are not useful to him. Accountants generally are flat out preparing financial statements and tax returns. Meeting dead-lines. They haven't the time to 'smell the roses'. Anything that doesn't help meet a dead-line has to wait until later. Often its too late. I may still look like an accountant, even the cool dude of accounting, but there is nothing I like more than talking with a business owner about his business. There's nothing a business owner likes more than discussing his business and planning to make more money. It's great fun and he loves to pay me for it. Business Success - The 42 Greatest Business Tips What does it take to grow a business and run it successfully? The main ingredient is attention to the basics, operating with integrity and following the way other successful people have run their operations. Increase Profits With a Small Investment of Time and No Money The less a business pays for goods and services the more profit that business generates. How does a small business with limited purchasing power get access to lower cost goods and services? The answer is simple. Pool the purchasing power of many small businesses to increase the purchasing power of each individual business. The implementation of forming a buying group can take lots of time, money and resources. Most small business owners have little of these buying group ingredients. Designing a Franchise Training Program If you intend to franchise your company you will need to design a bullet proof training company for your new franchisees. This is above and beyond the training program you will design for them to administer to their new employees. Remember when training new franchisees it is similar to training new managers for any Corporation's outlets. The difference of course being that the Franchisee in a Franchised Company has a lot more at stake and will be twice as motivated as an average manager of a corporate Store. Expand Your Professional Organizer Business Grow your Professional Organizer business by branching out into related areas. If you have been doing the same old thing for a while, and are comfortable with it, it may be time to stretch your capabilities and offer something new. Image is Everything - Secrets to Cleaning Car Fleets A recent survey indicated that clean Taxi Cabs Fleets have higher tip rates and repeat customers. How do you wash a taxicab? You do them four at a time and you go up and over and up and over when you are drying them. If they have a little taxi cab sign, dry that last. But you do the rest of the car the way you do a regular car. The only difference is you are going to spray three, four, five, sometimes six cars at a time. Then another crewmember is going to follow behind you and do all the windows really well. You do a quick vacuum with a taxicab. Seriously, you do not want to be in that taxicab for more then a minute or a minute and a half. Now most taxicabs are usually scratched and they look like crap. This is something you are going to have to deal with. This is just the way they are going to look which is good for you because they are not expecting a perfect job. They just want them to look clean because they have their logo on them. Taxi companies are very low budget operations and low cost will get you the account. Some taxicabs are owned by independent contractors. You will need to charge more since the volume is not there. Staging areas at big airports are a good place to find lots of taxicabs. FTC Franchise Rule if Enacted will Trigger Hardship for Private Sector The FTC Franchise Rule maybe changed, as the Federal trade Commission has put out a report to the franchising industry as to upgrade the rule. If enacted will it will trigger hardship for private sector and cost many trees their lives; Paperwork. If this rule is passed; tree MUST die because everyone will have to their already 200 plus page franchise disclosure documents. Eight Key Steps to Selling Your Business and Cashing In This year, some 700,000 American businesses will be sold. Most will be small and mid-sized businesses like yours. If you, too, are thinking of selling, consider these practical steps for making the process go smoothly. Small Business Ideas - Your Image Can Lose You Business What image do you and your people portray to your prospects and clients? Here's a situation that happened to me recently and hopefully you'll glean useful small business ideas that will make you money instead of costing you money. When to Say NO! When is it a good thing to say no to a request? Obtain Maximum Results For Your Small Business Through Better Time Management Most small business owners are faced with so many responsibilities and an unbelievable workload throughout the day. Mainly because of the many different roles that we have to play. On any given day a small business owner must be a customer service representative, collections specialist, marketing specialist, public relations representative, and the list continues. It's enough to drive the average person crazy. But we small business owners are made of a different stock yet still we succumb to normal, everyday pitfalls caused by poor time management. Poor time management can severely negatively impact your business through lost sales and disgruntled customers. A small business owner can't afford either. Banking and Company Credit Card Policies for Small Business Does your small business have a banking and credit card policy? If not, perhaps you might wish to think on it. Developing such policies and procedures is not a difficult task. It will not take you long at all to make a relatively simple operations manual to cover your banking and credit card strategies. Below please find an outline or guideline to assist you in developing your own small business banking strategy. What To Consider Before Buying A Franchise Here are some useful tips on what to consider before buying a franchise. Before investing in any franchise system, be sure to get a copy of the franchisor's disclosure document. Sometimes this document is called a Franchise Offering Circular. You should read the entire disclosure document. Small Business Secrets: Self-Confidence Can Be Arranged At first blush this idea might be difficult to wrap your brain around. That's because you've been taught that self-confidence is achieved through mastery of knowledge or skills. Small Business - Would You Still Need An Accountant If You Didnt Need A Tax Return? After over thirty years advising small business it still comes as a surprise to see the number of small business owners who are only interested in their financial results when it is time to do their tax return. Boston Suburban areas a good choice to run a business BioTechs even with the latest news had shed over 1000 jobs two years ago, as it was reported by The Financial Times, WSJ, and Bloomberg that only 17 of the nearly 1300 BioTech firms were actually profitable. In 2002 the number of jobs were in the 30,000 range in Biotech. 600 layoffs came from Millennium Pharmaceuticals. And the VCs are were barely interested as they hardly even look at tech deals with all of them netting less than 3 Million in venture capital for computer software and less than 10 million in biotech in 2003. But that was then and this is now. Unemployment has dropped, money is flowing the fallout mortgage loans stopped bleeding and money is coming back for investment in all sectors. Nano and Biotech both good. Lubbock TX Good Market for a Service Business We very much like what we see in Lubbock, TX as a good place for a service business. The city is a very well designed and laid out town with growth in the 4-5% per year range, growth in the Northwest quadrant of the city is steady and good. We are bullish on Lubbock and see how a service company could advance forces into the area to seize market share. There is excellent labor there due to the colleges and a strong growing middle class with younger families. Retail sector is good as well along the Northwest outer ring.
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